- Mt. Gox repays creditors in Bitcoin and Bitcoin Cash after 10 years.
- Approximately 142,000 BTC and 143,000 BCH were distributed.
In a monumental move, Mt. Gox, the infamous cryptocurrency exchange that declared bankruptcy in 2014, has announced on July 5 that it has finally begun repaying its creditors. The long-awaited reimbursements have been made in Bitcoin (BTC) and Bitcoin Cash (BCH) through several cryptocurrency exchanges.
Reimbursement Process Details
According to a previously publicized letter from Mt. Gox, which was later privatized, the company explained the necessary steps for repayment. Creditors were required to confirm their registered accounts and receive approval from the exchanges for the power of attorney agreements. Once these conditions were met, the reimbursements were executed.
The preliminary reports indicate that the total assets managed by Mt. Gox amount to 142,000 BTC and 143,000 BCH, in addition to an undisclosed amount of cash. This significant repayment process marks a critical resolution for many creditors who have been waiting for nearly a decade.
Blockchain Data Insights
On July 5, at approximately 1:00 PM, blockchain tracking data revealed substantial transfers from a cold wallet labeled Mt. Gox. Specifically, 1,544.67 BTC, valued at around 13.4 billion yen, and 1,157.1 BTC were moved to various locations, including transfers to the domestic cryptocurrency exchange Bitbank.
BitBank and SBIVC Trade were appointed as trustees responsible for handling the assets and ensuring the distribution to Mt. Gox creditors. These institutions played a crucial role in managing the complex logistics of the repayment process.
This historic event concludes one of the most notorious chapters in cryptocurrency history, where Mt. Gox, once handling over 70% of global Bitcoin transactions, collapsed due to a massive hack and subsequent mismanagement. The restitution to creditors in BTC and BCH symbolizes a long-overdue closure for many affected by the exchange’s downfall.